“Ireland’s bid to avoid a second bailout may be buttressed by what Prime Minister Enda Kennycalled a seismic shift in European policy.
After 13 1/2 hours of talks ending at 4:30 a.m. in Brussels today, leaders of the 17 euro countries opened the door to recapitalizing banks directly with the European Stability Mechanism, instead of through the government, once Europe sets up a single banking supervisor.
“The fundamental principle of the ESM providing the funding to break the link between the sovereign and the bank has now been established,” Kenny said after the summit.”
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It’s about time…